I view the lower shares outstanding to be mostly beneficial for future earnings reports. I do not see how the lower shares outstanding results in much more money available for distribution to continuing shareholders. I assume the $14+ that would have gone to the outstanding share will remit $13+ to the company's till to pay for the share purchased. This leaves a fraction of a dollar available to benefit continuing owners. I doubt this will add anything significant to the liquidation dividend. If the money is borrowed, the interest could eat this up. To the extent that selling shareholders are willing to take significantly less than the expected dividend, and you have confidence that the transaction will close as anticipated, it is an innovative way to lower the outstanding shares to the continuing shareholder's benefit. Amcol's management has described their share buy-back program as "opportunistic". This fits within that designation.